The Commercial Banking Company of Sydney Limited (Merger) Act 1982
5Vesting of undertakings of merging bank and savings bank
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5 Vesting of undertakings of merging bank and savings bank
5 Vesting of undertakings of merging bank and savings bank
(1) On the appointed day:
(a) the undertaking of CBC is vested in the continuing bank, and
(b) the undertaking of CBC Savings Bank is vested in the continuing savings bank.
(2) On and after the appointed day:
(a) a reference to CBC in any instrument made, passed or executed before that day shall (except to the extent, if any, that the instrument relates to an excluded asset and unless the context otherwise requires) be read and construed as a reference to the continuing bank,
(b) a reference to CBC Savings Bank in any instrument made, passed or executed before that day shall (except to the extent, if any, that the instrument relates to an excluded asset and unless the context otherwise requires) be read and construed as a reference to the continuing savings bank, and
(c) a reference to the holder for the time being of a particular office (other than the office of a director, secretary or auditor) within CBC or CBC Savings Bank in any instrument made or executed before that day shall be read and construed as a reference to a person for the time being holding office as Managing Director of the continuing bank or such other officer of the continuing bank or the continuing savings bank as is designated from time to time by a Managing Director of the continuing bank or by any other officer acting under delegation from him.
(3) On and after the appointed day:
(a) any place of business of CBC wherever located shall be deemed to be a place of business of the continuing bank, and
(b) any place of business of CBC Savings Bank wherever located shall be deemed to be a place of business of the continuing savings bank.
(4) Where for any reason:
(a) a liability to CBC immediately before the appointed day remains a liability to CBC on or after that day, or
(b) a liability to CBC Savings Bank immediately before the appointed day remains a liability to CBC Savings Bank on or after that day,
CBC or CBC Savings Bank, as the case may be, shall have and may enforce the same rights in respect of that liability (including rights under any security relating thereto) as if this Act had not been passed.